Empowering Business Growth in the Electrical Enclosure Market with Global Forecast Insights Through 2033
The projected valuation of the worldwide electrical enclosure market in 2022 is US$46.6 billion. For the duration of the assessment, there will probably be a strong need for electrical enclosures. The reason behind this is the augmented mining activities, which yielded US$ 81.3 billion in 2033, with a compound annual growth rate of 5.2% between 2023 and 2033. It is anticipated that in 2023 the market will reach US$ 49.0 billion.
By the end of 2023, the market for electrical enclosures is anticipated to reach US$ 49.0 billion USD. The market is anticipated to rise as a result of an increase in the use of electrical enclosures in systems for energy and power, transportation networks, and electricity transmission and distribution.
Sales in the global electrical enclosure market are projected to surpass US$ 81.3 billion by 2033, increasing at a CAGR of 4.9% over the forecast period from 2023 to 2033, according to a thorough study by Future Market Insights (FMI).
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Rapid Growth of Renewable Power Generation Key Growth Driver
Most of the end users are now shifting their focus to alternative forms of power or energy rather than depending on energy generation by fossil fuel operated power generators. These alternative forms of energies – for instance, wind power, solar power and other forms of renewable energy are gaining popularity among all types of end users. Additionally, carbon emission and dependency on fossil resources is increasing day-by-day. Thus, in order to control this dependency, usage of renewable energy sources such as wind and solar energy is likely to be the new trend in the energy and power industry. Establishment of these power generation facilities will increase the demand for electrical enclosures in the upcoming years. Many countries such as the U.K. and Germany among others, are planning to adopt renewable energy sources, which is expected to further increase the demand for electrical enclosures for transmission and distribution.
Capacity Addition Plans and Installation of New Grids to Power the Electrical Enclosure Market
The governments of various countries have planned to make huge investments on numerous projects to provide better electricity services. For instance, the government of Russia has devised plans such as the GOELRO plan, Russian SFSR Electrification Plan, and Railway Electrification Plan among others, for establishing new power grids to provide electricity in the rural areas of the country. These plans are being supported by the State Commission for Electrification of Russia. Also, the government is focussing on installing new transmission lines in order to create a national grid and also to develop railway electrification, which will in turn boost the demand for electrical enclosures. These planned investments across various sectors such as infrastructure, power, and railways among others, will drive significant growth in the electrical enclosure market.
Need for Integration of Grid Infrastructure
Increasing transmission and distribution activities across the globe have increased the demand for installations of enclosures, which in turn, is driving the market of electrical enclosures. Transmission and distribution expansion, along with urbanisation, is necessary for the development of industrial and manufacturing sectors. Some countries, such as GCC countries and Turkey have the potential to become the hub for many manufacturing industries, which will increase the demand for electrical enclosures owing to rapid industrialisation. By material type, metallic enclosures will witness supreme demand as they have a longer life and reduce the risk of fire hazards. Climate control enclosures can work in extreme climatic conditions and are ideal for use in several regions, thereby driving demand in the global market.
Segmentation Analysis
The electrical enclosure market is segmented on the basis of product type into junction enclosure, disconnect enclosure, operator interface enclosure, environment and climate control enclosure and push button enclosure.
On the basis of product type, the junction enclosure segment is anticipated to continue to dominate the global market in terms of value over the forecast period. The junction enclosure segment is estimated to grow at a relatively high CAGR as compared to other types over the forecast period. It is expected to represent a total incremental opportunity of US$ 1,691.2 Million between 2022 and 2028.
Regional Market Projections
The electrical enclosure market in China is expected to represent significantly high incremental opportunity between 2022 and 2028, while the North America electrical enclosure market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of electrical enclosures in North America is expected to represent a total incremental opportunity of US$ 523.3 Million between 2022 and 2028.
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Electrical Enclosure Market by Category
By Product Type:
- Junction Enclosures
- Disconnect Enclosures
- Operator Interface
- Enclosures
- Environment and Climate
- Control Enclosures
- Push Button Enclosures
By Material Type:
- Metallic
- Aluminium
- Mild steel
- Stainless Steel
- Non-Metallic
- Fiberglass
- Polycarbonate
- Polyester
- ABS
By Design:
- Standard Type
- Custom Type
By Configuration:
- Wall Mount Enclosures
- Floor Mount Enclosures
- Freestanding Enclosures
By End Use Sector:
- Industrial
- Residential and Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- Japan
- India
- South East Asia & Others (SEA)
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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